In today’s recap we talk about how El Salvador government says Bitcoin can now be used as a legal tender in the country and a higher-than-expected inflation rate in the U.S
U.S inflation shows prices soaring by +5% in May vs a year ago, the biggest increase since the Great Recession of 2008 & 2009. While it may still be distorted by the pandemic, analysts differ on what this means for the U.S. economy. The CPI also showed a gain of +4.2% in April. Brings further controversy over current fiscal policies & direction of interest rates.
On Thursday, Didi Chuxing, China’s biggest ride-hailing firm, made public the filing for its U.S. stock market listing, expected to be the world’s biggest IPO this year. It could raise near $10B & seek a valuation of close to $100B. It would be the largest Chinese share offering in the U.S. since Alibaba raised $25B in 2014.
1000’s of government, news & social media websites globally were back online early Tuesday, after being hit by a widespread hour-long outage, linked to U.S.-based cloud company Fastly Inc. Fastly, 1 of the world’s most widely-used cloud based content delivery network providers, said the issue has been identified & a fix has been applied. It added further that, customers may experience increased origin load, as global services return.
As China imposed a new restrictive law in June 2020, virtually ending the special status of Hong Kong, residents there moved 10’s of billions of dollars to Canada. Capital flows out of Hong Kong banks to Canada rose to the highest on record last year, with $34.8B in electronic fund transfers. Residents leaving withdrew a total of $248.92M from their Mandatory Provident Fund pension accounts in Q1 of 2021, up +49.1% from the same period a year ago.
U.S. President Biden will make his 1st international stop in the U.K., where he will participate in the G7 summit. The meeting is expected to be dominated by vaccine diplomacy, trade, climate & an initiative for rebuilding infrastructure in the developing world. U.S. officials see the effort as a way to counter China’s growing global influence.
Controversy continues for 2x divorced U.K. PM Boris Johnson in marrying his fiancée Carrie Symonds at Westminster Cathedral. Allowed as his 2 previous marriages, were not seen as valid by the Catholic Church. 1st Prime Minister in 200 yrs to marry while in office & 1st Catholic to hold the office. Insiders say marriage took place so she wouldn’t feel awkward at G7 & Balmoral w/ the Queen
Google will make changes to its global advertising business for the first time; The US approved the first drug to delay the deterioration of Alzheimer’s; AMC shares rose 14.8% on Monday and are expected to continue rising